The New York City District Council of Carpenters Annuity Plan was established by trust agreement through the collective bargaining between the New York City District Council of Carpenters of the United Brotherhood of Carpenters and Joiners of America, and various employers.
The Annuity Plan provides for your retirement security by permitting your Contributing Employers to make contributions to the Plan on your behalf. Because the Plan is qualified by the Internal Revenue Service, special tax rules allow you to save more dollars for your retirement.
Your savings are held for you in your individual Account until they are distributed as provided under the Plan.
Qualified Domestic Relations Order (QDRO) Procedures for NYCDCC Annuity Plan
*Please Note- Effective as of October 1, 2013, all participants are required to fill out two separate beneficiary forms. One form, which comes from the Fund Office, designates a beneficiary for your Pension and Welfare benefits. The second form, which comes from Prudential, designates a beneficiary for your Annuity benefits. If you have only completed one of these forms, your beneficiary designation will not carry over for both. Instead, your benefit for the form you have not completed will be paid out in the manner stated in the appropriate Summary Plan Description (“SPD”). Further, if you have failed to complete either form, all of your benefits will be paid out as stated in the SPDs. Participants should also note that beneficiaries should be changed on both forms in the event of a divorce or separation agreement. Divorce judgments and/or wills cannot always be applied to Pension, Welfare, and Annuity benefits without completed beneficiary forms. To read more about the beneficiary designation change made effective October 1, 2013, please click HERE.
Annuity Documents
Collectively Bargained Annuity SPD
Non-Bargained Annuity SPD (Office Staff Only)
Summary Of Material Modifications (SMM)
Summary of Material Modifications: NYCDCC Annuity Fund- Hardship Withdrawals & Disability Distributions
Summary of Material Modifications: NYCDCC Annuity Fund- Loan Default Exception
Special Annuity Fund Coronavirus-Related Distributions and Loans Provisions
Other
To request any forms or documents that you do not see available on the website, please call the Benefit Funds Call Center at (800) 529-FUND (3863) or (212) 366-7373.
FAQs
What happens if I cannot make the loan payments?
If you do not make any payment before the end of the calendar quarter following the quarter in which the payment was due, your loan will default. If this happens, the full loan amount will be due and payable immediately. If you are in danger of defaulting on a loan, please contact Empower Retirement immediately.
What if I terminate employment while I have an outstanding loan?
If you terminate employment with an outstanding loan balance, you may repay the loan in full or continue to make repayments by check.
You may prepay your loan balance, at any time, without penalty. When you repay the loan, both the principal and the interest will be reinvested in your account.
Do I pay interest on the loan?
Yes. The interest you pay goes back into your account. In other words, you pay yourself the interest.
How long may I take to repay the loan?
You may take up to five years to repay a general purpose loan, in equal quarterly installments. If you are using the loan to purchase your primary residence, you may borrow for up to a 10-year period.
How much can I borrow from my account?
The minimum amount you can borrow is $500. The maximum amount you can borrow is the lesser of (1) 50% of your vested account balance or (2) $50,000 minus the highest outstanding balance of your total Plan loans during the last 12 months.
How do I initiate a loan?
How do I make payments on the loan?
If you are working under a collective bargaining agreement, you will receive a loan bill before the due date of each quarterly payment. You must repay the loan using a personal check or money order. If you are an Employee of the Benefit Funds or the District Council, you must repay the loan through payroll deduction.
Who is eligible to take a loan?
To apply for a loan, you must be a participant in the Plan and you may not already have three outstanding loans. In addition, you must not have defaulted on a loan within the last five (5) years of applying for a new loan. If you previously defaulted on a loan, you must repay the loan or be eligible for an offset.
*Disclaimer: The Funds have prepared these informal answers to frequently asked questions for the convenience of our participants and contributing employers. The Funds have made every effort to provide accurate answers, but they are not legally binding and do not address every possible situation. The Collection Policy, Trust Agreements, and Collective Bargaining Agreements are official legal documents and supersede any inconsistent statements herein.